Avista Capital Partners
Encyclopedia
Avista Capital Partners is a private equity
firm focused on growth capital
and leveraged buyout
investments in middle-market companies in the energy, healthcare and media sectors.
The firm, which is based in New York City
, was founded in 2005 when a team of professionals, led by Thompson Dean and Steven Webster, completed a spinout from Credit Suisse
's private equity arm DLJ Merchant Banking Partners
to form a new private equity firm. Dean had previously been the co-head of DLJMB.
Avista completed fundraising for its first $2 billion fund in 2007. Avista closed on its second fund with $1.8 billion of commitments, which represents only 60% of its original a $3 billion target.
Avista was formed one year after Larry Schloss left DLJ Merchant Banking Partners
to found Diamond Castle Holdings
, a middle-market focused private equity firm. Unlike Diamond Castle, Avista received support from Credit Suisse
for its debut fund.
The spinout of Diamond Castle and Avista from Credit Suisse First Boston
came at the same time as the spinouts of private equity groups from other leading investment banks including: JPMorgan Chase (CCMP Capital
), Citigroup
(Court Square Capital Partners
), Deutsche Bank (MidOcean Partners
) and Morgan Stanley
(Metalmark Capital
).
In 2009, one of Avista's media acquisitions, the Minneapolis Star Tribune newspaper, the nation's 15th largest daily paper, fell into Chapter 11 bankruptcy.
Private equity
Private equity, in finance, is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange....
firm focused on growth capital
Growth capital
Growth capital is a type of private equity investment, most often a minority investment, in relatively mature companies that are looking for capital to expand or restructure operations, enter new markets or finance a significant acquisition without a change of control of the business.Companies...
and leveraged buyout
Leveraged buyout
A leveraged buyout occurs when an investor, typically financial sponsor, acquires a controlling interest in a company's equity and where a significant percentage of the purchase price is financed through leverage...
investments in middle-market companies in the energy, healthcare and media sectors.
The firm, which is based in New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
, was founded in 2005 when a team of professionals, led by Thompson Dean and Steven Webster, completed a spinout from Credit Suisse
Credit Suisse
The Credit Suisse Group AG is a Swiss multinational financial services company headquartered in Zurich, with more than 250 branches in Switzerland and operations in more than 50 countries.-History:...
's private equity arm DLJ Merchant Banking Partners
DLJ Merchant Banking Partners
DLJ Merchant Banking Partners is a private equity investment firm focused on leveraged buyout transactions. The firm is currently an affiliate of Credit Suisse and traces its roots to Donaldson, Lufkin & Jenrette, the investment bank acquired by Credit Suisse First Boston in 2000...
to form a new private equity firm. Dean had previously been the co-head of DLJMB.
Avista completed fundraising for its first $2 billion fund in 2007. Avista closed on its second fund with $1.8 billion of commitments, which represents only 60% of its original a $3 billion target.
Avista was formed one year after Larry Schloss left DLJ Merchant Banking Partners
DLJ Merchant Banking Partners
DLJ Merchant Banking Partners is a private equity investment firm focused on leveraged buyout transactions. The firm is currently an affiliate of Credit Suisse and traces its roots to Donaldson, Lufkin & Jenrette, the investment bank acquired by Credit Suisse First Boston in 2000...
to found Diamond Castle Holdings
Diamond Castle Holdings
Diamond Castle Holdings is a private equity firm focused on leveraged buyout and growth capital investments in middle-market companies across a range of industries including the media, healthcare, financial services, power and industrial sectors....
, a middle-market focused private equity firm. Unlike Diamond Castle, Avista received support from Credit Suisse
Credit Suisse
The Credit Suisse Group AG is a Swiss multinational financial services company headquartered in Zurich, with more than 250 branches in Switzerland and operations in more than 50 countries.-History:...
for its debut fund.
The spinout of Diamond Castle and Avista from Credit Suisse First Boston
Credit Suisse First Boston
Credit Suisse First Boston was the former name of the banking firm Credit Suisse.-History:In 1978, Credit Suisse and First Boston Corporation formed a London-based 50-50 investment banking joint venture called the Financière Crédit Suisse-First Boston...
came at the same time as the spinouts of private equity groups from other leading investment banks including: JPMorgan Chase (CCMP Capital
CCMP Capital
CCMP Capital is a private equity investment firm that focuses on leveraged buyout and growth capital transactions. Formerly known as JP Morgan Partners, the investment professionals of JP Morgan Partners separated from JPMorgan Chase on July 31, 2006. CCMP has invested approximately $12 billion...
), Citigroup
Citigroup
Citigroup Inc. or Citi is an American multinational financial services corporation headquartered in Manhattan, New York City, New York, United States. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate...
(Court Square Capital Partners
Court Square Capital Partners
Court Square Capital Partners is a private equity firm focused on leveraged buyout transactions. Court Square was originally a captive private equity firm within Citigroup known as Citigroup Venture Capital Equity Partners...
), Deutsche Bank (MidOcean Partners
MidOcean Partners
MidOcean Partners is a private equity firm specializing in leveraged buyouts, recapitalizations and growth capital investments in middle-market companies...
) and Morgan Stanley
Morgan Stanley
Morgan Stanley is a global financial services firm headquartered in New York City serving a diversified group of corporations, governments, financial institutions, and individuals. Morgan Stanley also operates in 36 countries around the world, with over 600 offices and a workforce of over 60,000....
(Metalmark Capital
Metalmark Capital
Metalmark Capital, formerly Morgan Stanley Capital Partners is a private equity firm focused on leveraged buyout investments in middle-market companies across a range of industries. Metalmark was acquired by Citigroup Alternative Investments in December 2007....
).
In 2009, one of Avista's media acquisitions, the Minneapolis Star Tribune newspaper, the nation's 15th largest daily paper, fell into Chapter 11 bankruptcy.
External links
- Avista Capital Partners (company website)